Rigetti Computing has announced its Q2 2025 financial results. The table below summarizes key financial metrics for Q2 2025, with comparisons to the prior quarter (Q1 2025) and the year-ago quarter (Q2 2024).
| Amounts in $M | Q2’2025 | Q1’2025 | Q2’2024 | % vs Q1’2025 | % vs Q2’2024 |
| Revenue | $1.8 | $1.5 | $3.1 | +20.0% | -41.9% |
| Operating Expenses | $20.4 | $22.1 | $18.1 | -7.7% | +12.7% |
| Operating Loss | ($19.9) | ($21.6) | ($16.1) | -8.0% | +23.6% |
| Net Loss | ($39.7) | ($42.6) | ($12.4) | -6.8% | +220.2% |
| Cash, Cash Equivalents, and Investments | $571.6 | $209.1 | $100.5 | +173.4% | +468.8% |
Financial and Business Overview
Rigetti reported revenue of $1.8 million for Q2 2025, a 20.0% increase from the previous quarter, but a 41.9% decline from the year-ago quarter. This indicates continued quarter-to-quarter revenue volatility, with a sustained downward trend on a year-over-year basis.
Operating expenses for the quarter were $20.4 million, down 7.7% from Q1 2025, but still up 12.7% from Q2 2024 as the company maintains its investment in R&D and operations. The operating loss narrowed slightly to ($19.9) million from Q1, but the net loss for the quarter widened significantly to ($39.7) million, primarily due to a $22.8 million non-cash loss from the change in fair value of derivative warrant and earn-out liabilities.
The most significant financial highlight was the company’s liquidity position, which was dramatically bolstered by a $350 million at-the-market (ATM) equity offering. This brought Rigetti’s cash, cash equivalents, and available-for-sale investments to a record $571.6 million as of June 30, 2025, with no debt. This provides a substantial financial runway for the company’s aggressive technology roadmap and strategic goals.
Technical and Commercial Developments
- Multi-Chip Quantum Computer: Rigetti announced the general availability of its new Cepheus-1-36Q system, which it claims is the industry’s largest multi-chip quantum computer. The system is available on the Rigetti Quantum Cloud Services platform and will be accessible via Microsoft Azure. The Cepheus-1-36Q uses a four-chiplet architecture and achieves a 99.5% median two-qubit gate fidelity, representing a 2x reduction in error rates from its previous Ankaa-3 system just six months ago.
- Performance Improvements: The new architecture validates Rigetti’s approach to scaling with proprietary chiplets, which the company states improves chip uniformity and reduces manufacturing complexity. The system also features faster two-qubit gates and an enhanced inter-module coupler design to boost performance.
- Roadmap Progress: The company remains on track to release a 100+ qubit chiplet-based system with a 99.5% median two-qubit gate fidelity before the end of 2025. This momentum reinforces Rigetti’s strategy to scale its superconducting qubits, which it views as the leading modality for quantum computers due to high gate speeds and fabrication scalability.
GQI View
With its newly strengthened balance sheet, Rigetti is well-positioned to fund its ambitious technology roadmap, including the upcoming 100+ qubit system, and explore potential strategic collaborations. The company’s chiplet approach is unique and now that they have the Cepheus-1-36Q system with 4 chiplets connected together, they are proceeding to the next version which will have 16 chiplets connected. It will be interesting to see how far Rigetti can take this approach before they run into other issues such as wiring complexity or cooling capacity in the dilution refrigerators.
There was an interesting discussion in the company’s conference call about how the delay in reauthorizing the U.S. National Quantum Initiative Act (NQI) has impacted their revenue growth. The company sells their 9 qubit Novera system to government labs for research and the company thinks there could be more of these sales once the NQI funding is renewed.
A press release from Rigetti announcing its Q2 2025 financial results can be found here. A recording of its Q2 2025 earnings conference call is available here or on the company’s investor relations website. The company’s investor presentation is available here, and the SEC Form 10-Q for Q2 2025 is available here.
August 14, 2025
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